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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w18616 |
来源ID | Working Paper 18616 |
Harvests and Financial Crises in Gold-Standard America | |
Christopher Hanes; Paul W. Rhode | |
发表日期 | 2012-12-14 |
出版年 | 2012 |
语种 | 英语 |
摘要 | Most American financial crises of the postbellum gold-standard era were caused by fluctuations in the cotton harvest due to exogenous factors such as weather. The transmission channel ran through export revenues and financial markets under the pre-1914 monetary regime. A poor cotton harvest depressed export revenues and reduced international demand for American assets, which depressed American stock prices, drained deposits from money-center banks and precipitated a business-cycle downturn - conditions that bred financial crises. The crises caused by cotton harvests could have been prevented by an American central bank, even under gold-standard constraints. |
主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; History ; Macroeconomic History |
URL | https://www.nber.org/papers/w18616 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/576291 |
推荐引用方式 GB/T 7714 | Christopher Hanes,Paul W. Rhode. Harvests and Financial Crises in Gold-Standard America. 2012. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w18616.pdf(641KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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